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[QUOTE]Originally posted by glassman: [QB] let's try to get a legal defintion of pump and dump first NR... i have been seeing a lot of people miscommunicating lately... much more than we normally see: [b] A second form of Internet fraud comprises the category of "pump and dump" schemes. While the outcome of "pump and dump" schemes is identical to imposter schemes, namely the enrichment of the perpetrator at the expense of the majority of shareholders, the means employed to effectuate that result differ. Typically, the individual gives trading advice and tips to investors on the Internet, talking up stock that the individual already owns and then selling when the demand occasioned by the advice reaches a given level. A recent representative "pump and dump" case involved the website of Yun Soo Oh Park, who billed himself out as "Tokyo Joe" and specialized in stock tips and trading advice. On January 5, 2000, the Securities and Exchange Commission (SEC) filed fraud charges against Park, alleging that he used his website to maintain an ongoing "pump and dump" scam, talking up stocks he already owned to subscribers of his tips service and then surreptitiously selling them when demand increased. Between selling stocks he recommended and charging fees for subscription to his service, Park made over $ 1.1 million in a twelve-month period ending in June 1999. As a result of this activity, the SEC filed four counts against Park, the most relevant count being violations of the Investment Advisers Act of 1940, specifically 15 U.S.C. §88b-6(1) and 15 U.S.C. §80b-6(2).3[/b] i suggest that people who participate in short-selling should also be examined in the same way... http://www.law.duke.edu/journals/dltr/articles/2001dltr0006.html this site provides much information on internet issues... [b] Congress' desire to offer such immunity comports with its goal of maintaining and ensuring an unfettered atmosphere of speech and communication throughout the Internet. A high value is placed on freedom of speech on the Internet, and accordingly Congress has noted the importance of restraining government regulation in the medium. Tort liability imposed on service providers for the communications of third parties would prove to be an undue government regulation and ultimately would result in an unwelcome silence within a forum that service as a stage for a substantial amount of prolific speech. The Court recognized Congress' desire to encourage service providers to actively play a role in the regulation of obscene, fraudulent, and defamatory statements on their sites, when it declined to recognize such self-regulation as the creation of information which would exposes them to liability. The sheer amount of information posted on the Internet hampers government's ability to regulate all postings themselves, accordingly government must encourage self-regulation and thus strongly oppose any attempt to create liability on such regulation. In order to avoid being the subject of a lawsuit, service providers (including Internet news websites) would more than likely shun any attempts at self-regulation and allow fraudulent information to flourish throughout their websites.[/b] the problem arises in that a moderator cannot be reasonably expected to DD out every stock mentioned by somebody... it's not possible... there is more too.. much more look here: [b]This being said, however, it is important to note that while computer services find themselves protected by immunity, the original culpable party who posts defamatory and fraudulent messages will not be protected by such measures. These individuals will find themselves subject to liability for such statements.[/b] [/QB][/QUOTE]
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